ALRC submits final report on financial laws overhaul
18 December 2023
The Australian Law Reform Commission has submitted its final report on a financial services legislation overhaul to the Federal Attorney-General following a three-year inquiry...
Regulatory & Government
State and Federal governments agree engineered stone ban
18 December 2023
Australia will institute a world-first ban on engineered stone from July 1 next year following a decision from state and federal work health ministers...
Insurers agree with ‘simple’ advice model, but brokers want more
11 December 2023
The National Insurance Brokers Association says it is disappointed not all Quality of Advice Review proposals have been adopted, after the Federal Government last week finalised its response to the QAR report’s recommendations...
Suncorp proposes targeted tax relief to ease premium costs
11 December 2023
Suncorp has proposed that the Federal Government work with the states and territories to provide targeted cash refunds of insurance stamp duty to address immediate affordability issues...
Serious defects found in more than 50% of NSW strata buildings
11 December 2023
More than half of NSW strata buildings have serious defects, with an estimated $79 million being spent by owners’ corporations to rectify the issues, a survey has found...
Victoria’s proposed WorkCover overhaul delayed
11 December 2023
An upper house inquiry into the Victorian government’s WorkCover bill has been given the go ahead and an Economy and Infrastructure Committee will not report the findings until February 6...
Queensland advances Bundaberg flood levee plan
11 December 2023
The Queensland Government says the Bundaberg East Levee project is a “step closer” to being delivered after it secured the required commencement approvals, with construction work expected to begin by early 2025...
CSLR transitional board names CEO
11 December 2023
The Compensation Scheme of Last Resort Transitional Board has appointed David Berry as its inaugural CEO as it prepares to start operations next year...
Competition tribunal starts hearing Suncorp bank sale appeal
04 December 2023
The Australian Competition Tribunal has today started hearing an appeal over the blocked $4.9 billion sale of Suncorp’s bank to ANZ...
Canberra provides ‘100%’ guarantee to plug midwives PI gap
04 December 2023
The Federal Government will pay “100% of any eligible and approved” professional indemnity insurance claims made in relation to intrapartum care provided outside of a hospital setting by privately practicing midwives...
RACQ makes $253 million provision for pricing remediation program
04 December 2023
RACQ says it has “fully provisioned” for the expected cost of its ongoing pricing remediation program after the Federal Court last week penalised the motoring club’s insurance business for failing to deliver on premium discounts that had been promised to customers...
ICA calls on NSW to ‘take lead’ on natural hazard resilience
04 December 2023
Insurance Council of Australia CEO Andrew Hall has delivered a six-point recommendation to NSW Planning and Environment Committee Chair Sue Higginson, calling for renewed actions on natural hazard resilience...
NSW Building Commission launches as standalone regulator
04 December 2023
Building Commission NSW has launched today, marking an expansion in the State Government’s efforts to enforce quality and standards control in the construction industry...
Federal Government calls for pre-budget submissions
04 December 2023
The Federal Government has invited individuals, businesses and community groups to provide viewpoints on priorities for next year’s federal budget...
AFCA calls on insurers to boost claims resourcing
27 November 2023
Insurers should introduce “immediate and enduring” increases in resourcing of claims and complaints resolution teams, the Australian Financial Complaints Authority says...
ASIC adds claims handing to 2024 enforcement focus
27 November 2023
The Australian Securities and Investments Commission says insurance claims handling is one of its new enforcement priorities for 2024...
Government to issue ‘ransomware playbook’
27 November 2023
The Australian Government will create a “ransomware playbook” with clear guidance on how to manage ransom demands as part of a new long-term strategy to beef up the nation’s cyber security...
Indigenous complaints to AFCA increase
27 November 2023
The Australian Financial Complaints Authority says the number of complaints made to the scheme by Aboriginal and Torres Strait Islander peoples rose 13% last financial year and there was a disproportionately high level of issues around hardship...
APRA consults on new cross-industry definition standard
27 November 2023
The Australian Prudential Regulation Authority is seeking feedback on a new cross-industry standard to centralise the regulator’s existing standards on definitions...
Federal Assistant Treasurer backs NSW ESL reform
20 November 2023
Federal Assistant Treasurer and Financial Services Minister Stephen Jones says the NSW Government’s plan to remove the Emergency Services Levy from insurance policies is a long overdue reform...